Easton & Associates Brokers Commercial Leases Totaling More Than 200,000 SF in First Quarter

DORAL, FL--Easton & Associates, the commercial real estate brokerage division of The Easton Group, leased 202, 447 square feet of commercial space during the first quarter of 2010. A majority of transactions involved industrial space in Miami-Dade County. Below are some of the larger individual transactions from the quarter.

· Advo, Inc. leased 100,000 square feet of industrial space from Cap East Associates located at 5900 N.W. 163 Street (Bldg. H) in Miami Lakes. Easton & Associates Vice President Michael C. Rice (top right photo)  represented the landlord.

· Withers Transport & Storage of Coral Gables, Inc. leased 24, 225 square feet at 3900 NW 112th Avenue in Miami. Easton & Associates Vice President James Armstrong represented the tenant. The landlord is American Crane & Tractor Parts Inc.

· Airframe International leased 23, 000 square feet from Easton-Levi at 7820 NW 74th Street in Miami. Thomas Kimen (middle left photo) of Easton & Associates represented both parties in the transaction.

· Noven Pharmeceuticals, Inc. leased 17, 575 square feet of office space at Deerwood Business Park in Miami. James Armstrong represented the landlord Deerwood Business Park.

· Paxiom USA, Inc. leased 14, 475 square feet at 4760 28th Street in Miami, from 4760 Realty, LLC. James Armstrong and Michael Waite from Easton & Associates represented Paxiom.

Contact: Todd Templin, Executive Vice President, Boardroom Communications, (954) 370-8999, (954) 370-8892 Fax, ttemplin@boardroompr.com

Cousins Properties Declares Second Quarter Common and Preferred Stock Dividends

ATLANTA, GA-- Cousins Properties Incorporated (NYSE: CUZ) announced that its Board of Directors has declared a quarterly dividend of $0.09 per share, payable June 18, 2010, to common stockholders of record as of May 3, 2010.

 The dividend will be payable in a combination of cash and shares of the Company’s common stock with the cash component of the dividend not to exceed 33.34% of the aggregate dividend amount.

Pursuant to IRS Revenue Procedure 2010-12, shareholders may elect to receive payment of the dividend all in cash or all in common shares. Shareholders who do not make an election will be deemed to have elected to receive their dividend in cash.

To the extent that cash elections are received with respect to more than 33.34% of the aggregate dividend amount, the cash portion will be prorated among shareholders electing to receive cash. Common shares included in the dividend will be valued at the average of the closing prices of Cousins common stock on the New York Stock Exchange on June 7, 8 and 9, 2010.

The Company expects the dividend to be fully taxable to its shareholders and reserves the right to pay the dividend entirely in cash.

An information letter will be mailed to shareholders of record promptly after May 11, 2010. The properly completed election form to receive cash or common shares must be received by the Company’s transfer agent prior to 5:00 p.m. (EST) on June 4, 2010. If your shares are held through a bank, broker or nominee, and you have questions regarding the dividend, please contact such bank, broker or nominee. Registered stockholders with questions regarding the dividend may call the Company’s transfer agent, American Stock Transfer & Trust Company, at (800) 937-5449.

The Board of Directors declared a regular quarterly cash dividend on its Series A Cumulative Redeemable Preferred Stock. The dividend of $0.484375 per share, or $1.9375 on an annualized basis, is payable May 17, 2010, to Series A preferred stockholders of record on May 3, 2010.

The Board of Directors has also declared a regular quarterly cash dividend on its Series B Cumulative Redeemable Preferred Stock. The dividend of $0.46875 per share, or $1.875 on an annualized basis, is payable May 17, 2010, to Series B preferred stockholders of record on May 3, 2010.

Contacts

Cousins Properties Incorporated, Cameron Golden, 404-407-1984, Director of Investor Relations/Corporate Communications
CameronGolden@cousinsproperties.com, http://www.cousinsproperties.com/

National Retail Properties Inc. Declares Common Dividend

ORLANDO, FL- ‐ The Board of Directors of National Retail Properties,Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 37.5 cents per share payable May 14, 2010 to common shareholders of record on April 30,
2010. The dividend represents an annualized rate of $1.50 per share.

National Retail Properties has paid increased annual dividends per share for 20 consecutive years. It is one of only 156 publicly traded companies in America that have increased annual dividends paid to shareholders for 20 or more consecutive years.

For information contact: Kevin B. Habicht, Chief Financial Officer, (407) 265‐7348

Palmer Electric wins contract for office building in DeLand, FL

WINTER PARK, FL— The commercial and low voltage divisions of Palmer Electric Company secured a contract with Freese Construction Company Inc. for the electrical work on a new medical office building located on Victoria Commons Boulevard in Victoria Medical Park (top left photo) , Deland, Fla.

 Under the terms of its $175,000 contract, Palmer Electric is providing site and building wiring along with fire alarm systems for the one-story, 24,000-square-foot health center. Completion is scheduled for August 2010.

Owned by Adventist Health Systems, the building will be physician occupied. Lillibridge Healthcare’s development office in Plano, Texas, is providing architectural design and development services for the medical office building. Electrical engineering is provided by the Fort Lauderdale, Fla., office of Meinhardt Consulting Engineering. The Orlando office of Freese Construction Company Inc. is the general contractor.

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

Foster Conant selected for project in China

ORLANDO, FL— Orlando, Fla.-based Foster Conant & Associates was selected by a California entertainment group to provide site planning and landscape architectural design services for a city master planning effort in Fushun, China.

 Known as Shenfu New Town, the live work and play community in its entirety includes high-rise office and residential buildings, a cultural center, government facilities, an entertainment district, hotel and a 20,000-seat arena. Foster Conant is engaged to design a section of the city named Discovery Lake District, a 10-block-by-10-block site with a central lake as its focal point.

The Orlando, Fla., office of AECOM (NYSE:ACM), a global leader in technical and management support, has been engaged by Foster Conant to assist with some of the planning tasks associated with the project.

According to Foster Conant Principal Richard R. Conant, (top right photo) FASLA, construction on Discovery Lake District will begin sometime later this year.

PR Contact: Elaine Ingra, 407-384-1344, elainei@pr-works.com

Arbor Closes $12 M in Fannie Mae Loans in Texas, California, Minnesota and Montana

Regency Apartments  in  Paris, TX Receives $2.3M

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,300,000 loan under the Fannie Mae DUS® Small Loan product line for the 100-unit complex known as Regency Apartments in Paris, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.12 percent.

The loan was originated by Jay Porterfield, (top right photo)  Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor provided acquisition financing for the purchase of this property in Paris, TX,” Porterfield said. “While the property is in a smaller market, it has a solid history of stabilized operations.”

Villa Sienna Apartments in Fresno, CA Gets $4.95M

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,953,700 loan under the Fannie Mae DUS® Loan product line for the complex known as Villa Siena Apartments (lower left photo) in Fresno, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.00 percent.

The loan was originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor refinanced this recently stabilized property in Fresno, CA with a very experienced, local borrower,” Porterfield said. “The collateral is Class A, front-of-the-brochure quality property.”

Bench Apartments in Billings, MT Receives $2.6 M

Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,608,465 loan under the Fannie Mae DUS® Small Loan product line for the property known as Bench Apartments in Billings, MT.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.93 percent.

The loan was originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor refinanced this new, recently stabilized property in Billings, MT with a repeat borrower,” Porterfield said. “We look forward to continuing to grow our financial partnership with this client.”


Centennial Plaza in  Blaine, MN Gets $2.1M

UNIONDALE, NY) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,100,000 loan under the Fannie Mae DUS® Small Loan product line for the 48-unit complex known as Centennial Plaza in Blaine, MN.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.85 percent.

The loan was originated by Michael Jehle, (bottom right photo)  Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office. “The borrowers of the subject property wanted to pay off their short-term bank line with a long-term fixed rate mortgage less than six percent,” said Jehle. “We accomplished both objectives for them.”

Contact:  Kelly Maxey, Arbor Commercial Mortgage, 333 Earle Ovington Blvd, Ste. 900, Uniondale, NY 11553.  516.506.4602, kmaxey@arbor.com

HEI Hotels & Resorts Named 2010 Energy Star® Partner of the Year

 NORWALK, CT—HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate,  has been named a 2010 ENERGY STAR® Partner of the Year for outstanding energy management and reductions in greenhouse gas emissions by the U.S. Environmental Protection Agency (EPA).

This marks the second major energy conservation related award the company has received over the past 5 months, along with the prestigious 2009 Corporate Energy Management award from the Association of Energy Engineers (AEE) presented November 2, 2009 at the 32nd World Energy Engineering Congress held in Washington D.C.

“HEI has been committed to sustainability since our inception and to receive this recognition is validation of our investment of time and money to this tremendously important mission,” said Gary Mendell, (top right photo)  HEI’s chairman and chief executive officer. “We will continue to be a leader in hotel energy management, and plan to continuously push the envelope ever forward, as the spirit of the Partner of the Year dictates.”

HEI was the only hospitality-focused company and lone Connecticut-based business to win the ENERGY STAR® Partner of the Year award in 2010. The 2010 Partner of the Year Awards recognize efforts to use energy efficiently in facility operations and to integrate superior energy management into overall organizational strategy.

Award winners are selected from more than 17,000 organizations that participate in the ENERGY STAR program. With the help of ENERGY STAR, Americans saved $17 billion on their energy bills and reduced greenhouse gas emissions equivalent to those of 30 million vehicles last year alone.

“HEI is leading the fight against climate change through greater energy efficiency,” said Gina McCarthy (middle left photo) , EPA assistant administrator for air and radiation. “HEI’s robust energy management program is a model for others and affirms that energy efficiency is our most cost-effective climate strategy.”

“HEI’s long-term commitment to energy conservation and the related positive environmental impact has become an integrated facet of our culture.

"It is wonderful to see industry giants like the EPA/ENERGY STAR and the AEE recognizing our efforts,” said Bob Holesko, (lower left photo) HEI’s vice president, facilities.

 “Since we began our energy management programs in 2005, we are measuring an annual energy cost avoidance of more than $3 million.

(HEI's Marriott property in Boca Raton, FL, middle right photo)

The company has a number of sustainability programs in place. In 2009, HEI launched its ‘Energy Looking Glass®’, a proprietary energy monitoring dashboard that optimizes energy use across its portfolio.

 Furthermore, the company has set additional benchmarks for further energy and waste reduction for 2010. HEI plans to reduce energy consumption company-wide by 5 percent in the coming year by continuing its 2009 programs targeting operational awareness and conservation.

 While 2009 focused largely on the efforts of its general managers and chief engineers, a new program in place in 2010 includes the executive chefs, executive housekeepers and banquet managers. In an effort to further empower associates to get involved, HEI launched a social responsibility program in September 2009

. Entitled “We CARE,” the program focuses on four areas: communities, associates, relationships and environment. The company will continue its environmental efforts in 2010, focusing on trash and recycling programs to determine what can be done to reduce waste and improve recycling.

Media Contact:

Jess Petitt, HEI Hotels & Resorts, 203-849-2228, jpetitt@heihotels.com

Interstate Hotels & Resorts Signs Joint Venture Agreement with Jin Jiang Hotels to Manage Hotels in China

 ARLINGTON, VA—Interstate Hotels & Resorts, the nation’s largest independent hotel management company, has signed a joint venture agreement with Shanghai Jin Jiang International Hotels Company Limited (“Jin Jiang Hotels”), China’s leading hotel operator and developer, to create a platform to pioneer third-party hotel management in China.

The joint venture, called Interstate China Hotels & Resorts, has already entered into discussions with prospective clients.

Interstate China Hotels & Resorts will open an office in Shanghai and has begun a search for a chief executive officer to lead the joint venture.

“We will build a similar platform to ones we have successfully established in Moscow, Mexico and, most recently, India,” said Thomas F. Hewitt, (top right photo)  Interstate’s chairman and chief executive officer.

“We have already begun putting the infrastructure in place to support our planned growth in China, one of the most dynamic hotel markets in the world, and we continue to expand our existing third-party business in the Americas and Europe.”

Mr. Yu Minliang, chairman of Jin Jiang Hotels, noted, “We believe this will be a milestone in the development of the services sector in Shanghai and China. Interstate will be the first independent hotel management company in China, which will give it a competitive advantage over companies that follow in its footsteps. We expect the Sino/U.S. collaboration will be mutually beneficial to both parties.”

Shanghai Jin Jiang International Hotels (Group) Company Limited is one of the leading hotel operators and managers in China. The Group is licensed to use the well-regarded “Jin Jiang” and “Jin Jiang Inn” brands.

As of 31 December 2009, the Group operated and was developing 546 hotels, including star-rated hotels and Jin Jiang Inn budget hotels, providing close to 90,000 rooms in aggregate.

 With a solid home base in Shanghai and Beijing, the Group has also successfully spanned its hotel network across 137 cities and towns in 31 provinces, autonomous regions and municipalities throughout the PRC.

 In June 2009, the Group was ranked the 13th in the world in terms of number of rooms according to HOTELS Magazine, the official publication of the International Hotel & Restaurant Association. For information about Jin Jiang Hotels, visit the company’s website: http://www.jinjianghotels.com.cn/.

Contact:

Jerry Daly jerry@dalygray.com  or Carol McCune, (703) 435-6293,
Carrie McIntyre,  (703) 387-3320, carrie.mcintyre@ihrco.com

Innkeepers USA Trust Provides Business Update

PALM BEACH, FL – Innkeepers USA Trust (OTC: INKPP) announced that it did not make certain scheduled monthly interest payments on certain of its debt obligations and may not make future payments on certain of its debt and franchisor obligations.

As a result of the challenging economic conditions facing the hotel industry, Innkeepers’ board of trustees has determined it is in the best interest of Innkeepers’ stakeholders to take measures to preserve the company’s value, protect the company’s relationships with its franchisor partners, customers, vendors and employees and to maintain sufficient financial resources to continue normal daily operations.

 Accordingly, Innkeepers also announced that it had retained the services of financial and legal advisors to assist the company in an evaluation of financial alternatives, including a potential restructuring of the company’s balance sheet.

“Innkeepers has a long history as a leader in the branded extended-stay hotel segment,” commented Marc Beilinson, chief restructuring officer of Innkeepers. “It is our goal to preserve the company’s reputation as a leader in the industry and continue to serve our guests at each of our 73 hotels.”

Beilinson said that all hotels owned by Innkeepers are open and operating in the ordinary course of business and that all hotel and corporate employees will continue to be paid and receive benefits as usual.

The company will have no further comment at this time about this matter beyond what is contained in this press release.

Contact: Dennis Craven, CFO;  Mark Murphy, General Counsel; Innkeepers USA Trust,  Telephone: (561) 227-1302 Telephone: (561) 227-1336

Apartment Association of Greater Orlando (AAGO) offering Free, Online Market Surveys and Website to all property owners/managers in Lake, Orange, Osceola, Seminole, and Volusia counties.

ORLANDO, FL – The Apartment Association of Greater Orlando (AAGO) announced that they are now offering a free online market survey tool and free password protected apartment website to all property managers/owners in Lake, Orange, Osceola, Seminole, and Volusia counties.

They recently partnered with Orlando based MyRentComps.com to handle all of their online market surveys.

According to Gary Scarboro, Executive Vice President of AAGO, “AAGO was the first apartment association in the country to offer this free service to all apartment owners and managers. Now the owners or property managers from Daytona to St. Cloud/Kissimmee can just go to www.aago.org, click the market survey button and log in to update their rents/occupancies and run a free market survey on up to 9 apartment properties surrounding their community.

According to Ron Wenzel, President of AAGO and Regional Property Manager for Archon Residential Management, L.P. based out of Irving Texas, “Archon supports the MyRentComps.com program through the local apartment association here in Orlando and throughout the state of Florida.” Wenzel said the system is “very quick, easy to understand, user friendly, and an enormous time‐saver.

It provides information sharing opportunities about occupancy trends and rental rates in real time and not in weeks or even months.” Before using myrentcomps.com he was using other industry reports which “were released well after the fact from various other sources.”

Wenzel goes on to say these reports are “oftentimes outdated and not at all valid. In today’s market, rents are changing weekly if not daily. We need a reliable source specifically catering to the apartment industry to give us this much needed, up‐to‐date, and factual data. This data is not at all a guess or even subjective based on who you might speak to in the leasing center on any given day.”

Wenzel adds “with MyRentComps.com, we have been able to provide excellent direction for making intelligent decisions. We can also see trends whether they are positive or negative. We are then able to formulate appropriate plans or make necessary adjustments to remain leaders in both occupancy and in effective rates across the state.”

He concludes “It is also a great resource for underwriting new deals and or existing loans which, we may not have time to either call or shop in person. We are absolutely thrilled to be a part of and an active participant in MyRentComps.com statewide.”

“This is the first online market survey system that is designed specifically for the property managers and the local apartment associations” said Mr. Robert E. Smith, (top right photo) Founder of MyRentComps.com. He added, “The apartment association’s membership consists of owners, management companies and vendors who sell products or services to the apartment communities.

This system allows the property manager/owner to save time. It also gives the product or service providers another opportunity to advertise their products or services directly to property managers.

 In addition, the apartment association can boost its membership, since the website was designed to send everyone who calls an apartment property for a market survey to the apartment association’s website. Property owners and managers also get a free password protected website at (www.ApartmentsNowAvailable.com) just for participating with the online market survey.”

The Apartment Association of Greater Orlando (AAGO) is a non‐profit trade association representing owners, developers, investors, managers and employees of apartment communities in the Greater Orlando Metropolitan Area. AAGO is affiliated with both the Florida Apartment Association and National Apartment Association; members of AAGO are also members of the state and national associations.

Currently, AAGO represents over 125,000 apartment units, 180 management companies, 520 apartment communities, and 280 associate members. Associate members are suppliers, vendors, and contractors dedicated to the apartment industry.

 AAGO is a not‐for‐profit membership organization created by and for apartment owners, builders, developers, management companies, and their employees in the property management business. We offer our members professional certification programs, continuing education opportunities, lease and addendum forms, legislative advocacy and communication of industry issues.

For more information, please call:
Apartment Association of Greater Orlando (AAGO) MyRentComps.Com, Gary Scarboro, CAE, CAPS, Executive Vice-President,  gary@aago.org:
 Robert E. Smith, CCIM Founder,   340 N. Maitland Ave., 350 East Pine Street, Maitland, Florida 32751 Orlando, FL 32801, Tel: (407) 644‐0539 Fax: (407) 644‐6288,  (407) 206‐3791,  Fax: (407) 206‐5930, Web Sites: http://www.aago.org/,  http://www.myrentcomps.com/,

Marty Lanigan Joins Meridian Capital Group, LLC as Senior Managing Director of Origination and Strategic Initiatives

April 12, 2010, New York, NY – Meridian Capital Group, LLC, one of the nation’s largest commercial real estate mortgage brokerages, announced today the addition of Marty Lanigan (top right photo) as Senior Managing Director of Origination and Strategic Initiatives.

Mr. Lanigan will be responsible for overseeing the company’s origination efforts nationally and implementing key strategic initiatives designed to enhance Meridian’s product and service capabilities. He will report to Ralph Herzka, (middle left photo)  Meridian’s President and CEO.

Mr. Lanigan joins Meridian at a pivotal point in its history and strategic growth plan. Meridian, founded by Mr. Herzka in 1991, has placed more than $100 billion in commercial real estate debt since its inception, assuming an undisputed position as a national market leader in commercial real estate mortgage finance.

 In 2009, Meridian added an important agency lending platform to its product line by establishing a correspondent relationship with Beech Street Capital, LLC, a Bethesda, MD-based Fannie Mae DUS lender.

In his new role, Mr. Lanigan will work to leverage Meridian’s existing platform by expanding both the company’s production capacity and the breadth of its lending products.

“What attracted me most about Meridian is the opportunity to build on the enormous accomplishments that Ralph and his team have made to date,” said Mr. Lanigan. “The challenge of continuing the firm’s ambitious tradition and further developing its reach, expertise and capabilities is especially exciting at a time when many others are retrenching or maintaining a defensive position.”

“I am delighted that Marty will be joining our outstanding team at Meridian. I have no doubt that he can apply his vast skill and experience to maximize the potential of our origination capacity and product array,” said Ralph Herzka, Meridian’s President and CEO.

“This is a very exciting time in the growth curve for Meridian. By adding new key team members like Marty, we are positioning Meridian to become the leading U.S. commercial real estate mortgage finance company,” added Herzka.

Contact:: Jonathan Stern, Meridian Capital Group, LLC, 212/972-3600, jstern@meridiancapital.com

Grubb & Ellis to Strengthen Presence in Ohio

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  will expand its presence in Ohio with the opening of company-owned offices in Columbus and Cincinnati, as part of the company’s strategy to distinguish itself as the leading provider of integrated real estate services.

To further support this objective, the company plans to significantly enhance its owned-office presence in key markets over the next 24 months.

“Over the past two years, we’ve restructured our Real Estate Services business, and we’ve been aggressive about bringing top talent into the company and strengthening and expanding our service platform to better meet the needs of our clients and enhance the company’s overall profitability. Our decision to open owned offices in Columbus and Cincinnati is consistent with those efforts,” said Thomas P. D’Arcy, (top right photo)  president and chief executive officer of Grubb & Ellis.

“Our clients have told us they place more value on their services providers having a strong presence in the markets in which they operate, and we are responding by ensuring that our geographic coverage is in alignment with their needs,” said Jack Van Berkel,  (middle left photo) president of Real Estate Services.

“In addition to providing an increased level of service, having an owned office allows us to better control the size, shape and composition of operations in these markets going forward, and as a company we will be better positioned to benefit from their success.”

Vineet Sahgal, executive vice president in the company’s Chicago office, will work with Bob Nosal, the company’s Cleveland market leader, to establish Grubb & Ellis’ owned offices in Cincinnati and Columbus.

Contact: Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com


U.S. Office Market First Look: 2010-Q1

SANTA ANA, CA--The following summary was prepared by Bob Bach, (middle right photo) Grubb & Ellis Co.  senior vice president and chief economist.


· The economy is in recovery mode, but it’s hard to tell by looking at the U.S. office market. The pace of softening accelerated in the first quarter as the vacancy rate rose by 50 basis points to 17.9 percent versus an increase of 30 basis points in the fourth quarter of 2009.

· First quarter absorption remained about even with the fourth quarter of 2009 at minus 7.3 million square feet.

· On the supply side of the market, developers delivered 8.2 million square feet of new space, down slightly from 9.3 million in the prior quarter. Space still in the construction pipeline drifted lower for a seventh consecutive quarter to 25.7 million square feet. This is equivalent to 0.6 percent of the inventory, the lowest level in more than 14 years.

The biggest surprise of the quarter was a slight 1.0 percent uptick in the average asking rental rate for Class A space to $31.10. The average Class B rate was $23.00, an increase of 0.8 percent. This data series is volatile, so it is unlikely that rents have stabilized while the vacancy rate continues to rise.

There have been anecdotes of landlords in Class A properties in primary markets pulling back on their concession packages, but this would most likely impact effective rates before asking rates. It will be interesting to see if the market can sustain this plateau next quarter.

· In a more definitive sign of recovery, sublease space offered on the market decreased to 113 million square feet, down more than 10 million square feet over the past two quarters.

Forecast

The office market appears on track to bottom out by year-end. During the prior softening cycle in the early 2000s, payroll employment hit bottom in the second quarter of 2003, three quarters before the office vacancy rate peaked in the first quarter of 2004.

 In the current cycle, employment appears to have bottomed out in the fourth quarter of 2009, meaning that vacancy should peak within the next two or three quarters if the market repeats the pattern of the last downturn. Rental rates are expected to bottom out one or two quarters after that.

How quickly the market recovers after it hits bottom will depend on the vitality of the employment rebound and on the supply of shadow space – cubes and offices emptied by layoffs but officially counted as still occupied. That space will have to be re-occupied before net absorption can gain any traction. Most likely, the market will not return to equilibrium for at least three years after the vacancy rate peaks, meaning 2013 or 2014.

Contact:  Janice McDill, Senior Vice President, Marketing & Communications, Grubb & Ellis Company, 500 West Monroe Street, Suite 2700, Chicago, IL 60661. Direct: 312.698.6707• Fax: 312.698.5941, janice.mcdill@grubb-ellis.com, http://www.grubb-ellis.com/


Grubb & Ellis Healthcare REIT II Acquires Parkway Medical Center Near Cleveland

CLEVELAND, OH – Grubb & Ellis Healthcare REIT II, Inc.  has acquired Parkway Medical Center, a two-building medical office portfolio totaling approximately 88,000 square feet in the Cleveland suburb of Beachwood. The acquisition closed on April 12, 2010.

Located at 3609 and 3619 Park East Drive, Parkway Medical Center is approximately 10 miles from the Cleveland Central Business District and just one-half-mile from the 53-acre Ahuja Medical Center currently being developed by University Hospitals, one of the top 10 health systems in the nation based on performance, according to a study released in 2009 by Thomson Reuters. Parkway Medical Center also enjoys close proximity to Interstate 271, affording tenants easy access to all of Greater Cleveland.

“Parkway Medical Center is well located in a major metropolitan region and less than one mile from what will be a significant new hospital,” said Danny Prosky (lower right photo) , president and chief operating officer.

 “As we build Grubb & Ellis Healthcare REIT II, we are not only targeting attractive, performing medical-related assets located near significant medical campuses, we are also seeking to attain geographic diversification, which we are clearly achieving with our initial acquisitions.”

Including Parkway Medical Center, Grubb & Ellis Healthcare REIT II has acquired properties near Cleveland, New Orleans and St. Cloud, Minn. A fourth potential acquisition is located near Denver.

The larger of Parkway Medical Center’s two buildings, approximately 51,000 square feet, was built in 1972, while the smaller building, approximately 37,000 square feet, was built in 1987.

Since 2004, nearly $1.6 million has been invested in capital improvements at Parkway Medical Center, including upgraded lobbies, hallways, replaced parking lots, roofs and lighting, as well as the installation of new HVAC systems and boilers.

 The facility is currently 87 percent leased to 35 tenants, including University Hospitals of Cleveland, Rapid Medical Research, The MetroHealth System and ID Consultants.

Parkway Medical Center was acquired from Parkway Medical Center, LLC, an unaffiliated third party represented by Bob Nosal  (lower left photo) of Grubb & Ellis Company. Grubb & Ellis Healthcare REIT II financed the acquisition using cash proceeds received from its offering.

Contact: Damon Elder, Senior Director, Communications, Grubb & Ellis Equity Advisors, LLC, 1551 N. Tustin Ave., Suite 200, Santa Ana, Calif. 92705, 714.975.2659 (direct), 714.356.1460 (cell), http://equityadvisors.grubb-ellis.com/

New Wyndham Hotel Brings ‘Fashionable’ Lodging to Manhattan’s Chelsea

PARSIPPANY, NJ – Wyndham Hotels and Resorts, a subsidiary of Wyndham Worldwide (NYSE:WYN),  welcomed its newest location, the newly constructed 280-room Fashion 26 – A Wyndham Hotel (top left photo) on West 26th Street in New York City’s Chelsea neighborhood and nearby Fashion District.

The latest addition to Manhattan’s hotel cityscape, the fashion-themed hotel offers distinctive services and amenities including signature Crumbs® cupcakes at check-in, innovative dining at specialty hamburger haven RARE Bar & Grill, and radio-frequency guest room keys that unlock doors with the wave of a hand.

The 22-story glass and steel tower, conceived by Peter F. Poon Architect P.C., stands across from the Fashion Institute of Technology, the hotel’s neighbor on the opposite side of Seventh Avenue. Designer Glen Coben took inspiration from the Fashion District’s history for the hotel’s fashionable look and style. Coben’s custom-designed wooden reception desk in the hotel’s lobby was modeled after a fashion studio cutting-room table, with iron legs common to old-fashioned sewing tables.

“Fashion 26 – A Wyndham Hotel makes an exciting statement about architectural imagination, refined service and unique amenities in one of the city’s most vital and vibrant neighborhoods,” said Jeff Wagoner, (middle right photo)  Wyndham Hotels and Resorts president. “We are proud to build on our strong presence in New York City and offer business and leisure travelers another great hotel option in Manhattan.”

“Having worked on this project since its inception two years ago, it is wonderful to see this unique combination of fashion, hospitality and exemplary service come to fruition,” said Paul Celnik, founder of Mode Hospitality, which manages the hotel and assembled a seasoned executive team led by General Manager Wayne Schneider.

In celebration of the hotel’s opening, introductory room rates begin at $299 through June 31, 2010, a commemorative 26% savings. Fashion 26 - A Wyndham Hotel is now accepting reservations at www.wyndham.com or (800) WYNDHAM. For more information, visit www.F26NYC.com.


Contact: Evy Apostolatos, Director, Public Relations, +1 (973) 753-6590 evy.apostolatos@wyndhamworldwide.com

Berger Special Assets, in Receivership Role, Repositions Failed 178-Unit Unfinished Condo Project in St. Petersburg, FL

 FORT LAUDERDALE, Fla. – Berger Special Assets, acting as receiver for Plaza Fifth Apartments in St. Petersburg, Fla., has completed repositioning the 178-unit project, which is now being marketed as rental apartments, rather than condominium units as was planned by the original developer.

Berger Special Assets, a division of Berger Commercial Realty Corp. was hired in October 2009 by the lender, Capital Source, to provide construction management for completion of the failed condominium and subsequent oversight of the project.

“Our expertise and cost-efficiency in successfully resolving the challenges presented by failed properties and repositioning the asset for maximum value and occupancy has fueled our growth in this specialty around the state,” said Lloyd Berger, (top right photo)  founder and President of Berger Commercial Realty Corp. “This particular failed project had many hurdles, not the least of which was bankruptcy filings by two of the core trades during construction.”

One-, two- and three-bedroom apartments in the 12-story building range from 758 to 1975 square feet with features such as granite countertops, solid wood cabinetry, central air, walk-in closets, private patios, and floor-to-ceiling windows.

 The building's amenities include a business center, swimming pool with tanning deck, clubroom with flat screen TV, a cardio and fitness center, and controlled access gates.

Contacts: 
Jane Grant, (954) 776-1999, ext 224, jgrant@piersongrant.com
Marielle Sologuren, Pierson Grant Public Relations, 6301 Northwest 5th Way Suite 2600
Fort Lauderdale, FL 33309, v. (954) 776-1999 ext. 226, f. (954) 776-0290
msologuren@piersongrant.com, http://piersongrant.com/

Harvey E. Green of Marcus & Millichap Retires

PALO ALTO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, announced today that president and chief executive officer, Harvey E. Green, (top right photo)  has retired from the firm. A formal search is being initiated with Green’s input and participation.

“Harvey’s tireless energy, dedication and passion have been driving forces behind the firm’s tremendous expansion and emergence as the leader in real estate investment brokerage,” says George M. Marcus, (top left photo)  founder and chairman. “The firm would not be where it is today without his leadership,” he adds.

Green joined Marcus & Millichap in 1981 and quickly rose through the ranks having opened the firm’s Encino office, which became a flagship operation. He was named chief operating officer in 1996 and then president and CEO in 2000, at which time he accelerated the firm’s aggressive national expansion. Green led the company’s growth from 22 offices and 424 agents in 1996 to 76 offices and over 1,200 agents currently.

During this period, the volume of transactions arranged by the firm grew from just over 1,000 in 1996 to more than 3,400 in 2009, the highest of any real estate brokerage company.

 Green is widely recognized as a leading real estate expert by the national media and is a frequent contributor to such leading media outlets as CNBC, Fox Business News, Wall Street Journal, New York Times and Los Angeles Times.

Throughout his 29 years with the firm, Harvey has set an exceptionally high standard of performance and professionalism and led by example in every way,” says William A. Millichap (middle right photo)  the firm’s co-founder and co-chairman.

“He has contributed greatly to the development of the firm’s management team and its top investment specialists, and his input in the selection and orientation of his successor will be vital,” he notes.

“I am very proud of our accomplishments as a team,” says Green. “We have always been a forward-looking firm and collectively believe this is the best time to establish new leadership to take the company to its next phase of growth.”

WCI Communities Hires Marcus & Millichap to Sell Sun city Golf Course Portfolio in Florida  

SUN CITY CENTER, Fla., April 12, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services, has been retained by WCI Communities to exclusively market seven of its golf courses in Sun City Center, Fla.

WCI Communities, a builder of upscale, lifestyle communities, is listing the properties with Steve Ekovich (bottom left photo); a vice president investments and director of the National Golf and Resort Properties Group of Marcus & Millichap; and the group’s co-founder, PGA Professional, Chris Karamitsos, (bottom right photo)  according to Bryn D. Merrey, regional manager of Marcus & Millichap’s Tampa office.

The seven-course portfolio consists of the two premier 18-hole courses, Scepter Golf Club and Club Renaissance, two 27-hole championship courses Falcon Watch and Sandpiper, two executive courses, Kings Point and Caloosa Greens and the 18-hole North Lakes Golf Club.

The portfolio includes all of the golf courses, golf club amenities and all maintenance equipment and facilities.

Built in the 1960s, Sun City Center is located less than 20 miles from the heart of downtown Tampa. It began as an active retirement community with such recreational activities as tennis, swimming, shuffleboard, lawn bowling and golf.

Since that time, WCI has grown Sun City Center into a 12,000-plus household development, providing residents with state-of-the-art amenities that include recreation centers, baseball fields, fitness and spa centers and some of the Tampa Bay area’s finest golf courses, designed by architects such as Chip Powell and Ron Garl.

Since successfully reorganizing in 2009, WCI’s strategic direction has included disposing of certain non-core assets. The courses may be purchased individually; however, priority is being given to portfolio offers first, followed by multi-course offers and then by individual course offers.

“Even before the portfolio hit the market on April 2, there was significant interest due to the quality of assets, reasonable pricing and the potential for an instant golf footprint in this golf-centric market,” according to Ekovich.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716